1022500+ entries in 0.748s
kakobrekla: second of all
there is a covering bank of
twice
the size of deposits size
kakobrekla: first of all, i hold all deposits which are under my control and never converted
to anything
Enky: kako said before
that
they have
twice
the amount of btc hold as reserver if i'm right
BTC-Mining: Even if
the change is smaller,
there's a small loss...
BTC-Mining: kako, you don't seem
to understand you're making a profit on a position in FIAT. If you make a 10% (1 USD on 10 USD, for 1 BTC) profit in fiat but bitcoins value raises 10x in USD value during
that
time (100 USD). Your 1 USD will pay only for 1% extra in bitcoin, not 10%. Either you or MT4 would have
to eat a damn loss
to give
that full 10%.
Enky: ok
the mystery is resolved:)
Enky: that broker firm isnt small, probably
they can handle few users in bitcoin
Enky: but for
the broker not, but most of
the
time orders
tend
to match each other, if
there are a large amount of
traders
Enky: ok for
the customer is ok
kakobrekla: you had you money with pirate with 7% a week no matter if
the usd btc price was 5 or 10 usd
BTC-Mining: not for
the customer, but for Kako, it does
Enky: it does not matter for you,
the customer for what i've understood
BTC-Mining: so if BTC price changes during
the position, it DOES matter
Enky: so
the broker
take
the risk of potential large movement in
the btc/usd ratio
BTC-Mining: See,
that's not what kako wants
to do...
BTC-Mining: Enky claims a position will have
to be matched with an opposite position also using BTC
Enky: if is it unlinked who pay a profit in btc
to a guy
that never held a position in fiat currency?
BTC-Mining: No,
that's not what Kako said he wanted
to do...
BTC-Mining: And if you make a profit, how do you buy
the extra BTC
to pay such profit?
Enky: probably from a
trader
that did
the opposite
trade
BTC-Mining: Where does
the profit comes from if you NEVER actually had
the fiat currency for
the position??
Enky: totally unlinked from
the btc/usd volatility at mtgox
Enky: and add
that %
to your account
BTC-Mining: No, it's Kako's problem, because he runs
the fiat balance for you, but he says no hedging...
Enky: if you want
to hedge it
BTC-Mining: but you're having a fucking eur/usd position! How can you do
that without a eur balance >.<
Enky: in
this case 10
to 1 or 8% or 8 btc
Enky: so i open eur/usd with 0.1 lots at 1.2500 and it goes
to 1.2600
Enky: 100 bts account for 0.1 lots and 10
to 1 leverage for example
Enky: 15 years ago i would have understood on
the fly not after 3 hours:)
Diablo-D3: mircea_popescu: see, what he doesnt get is Im playing
the long game
Enky: btc mining you
there?
mircea_popescu: im pretty sure
the doods
that
traded stocks with you are
the ones with
the house in
the caymans
Diablo-D3: yeah, he now
thinks I ran off with
the money
mircea_popescu: a well,
they say no lesson is worth anything unless you have a missing eye
to show for it.
Diablo-D3: all
the minor banks are healthy by any metric
mircea_popescu: go down in history as "the guy who destroyed
the banks" ? what are you jefferson ?
Diablo-D3: man,
that'd collapse every major bank
Diablo-D3: since half
their debt just evaporated
Diablo-D3: and
then watch
the banks
twist and spin as
they cant claim
they're not solvent
Diablo-D3: under
the strict orders
they pay off anybody
they owe first
BTC-Mining: See, just wait a little for
to show up =/
Diablo-D3: I should watc
the clinton speech again
smickles: where should i send
that .01 btc?
smickles: oh yeah mircea_popescu did you get my later
tell?
Diablo-D3: Im not even going
to claim
thats racist
rg: you need a jew
to maintain your gold
Diablo-D3: same goes for
those people who buy GLD on wall street
BTC-Mining: Especially with 1:1000 leverage
to
top it.
mircea_popescu: Enky> volatility of eur/usd is 1/50 maybe of btc/usd: <<< more
than
that.
BTC-Mining: No, if
the position loses 10%,
the forex
trader loses 10% in bitcoin backing it at
time of getting
the position.
BTC-Mining: If someone makes a loss on his position (fiat loss) and BTC devalues/crash
to like close
to 0, guess who absorbs
the large fiat loss?
BTC-Mining: [10:53] <kakobrekla>
thats why you have leverages
BTC-Mining: [10:53] <BTC-Mining> smickles, kako is saying you could have a BTC balance, and have a USD/EUR position for it, so if you lose 10% on
the position, you lose 10% oF
the BTC used for
the position. AND COMPLETLY IGNORE BTC PRICE FLUCTUATION DURING
THAT
TIME.
That's what I understood.
BTC-Mining: but seriously Kakobrekla, I suggest you
talk
that again with your contact, because something seems
to be very awry and amiss in
those statements.
mircea_popescu: and anyway! let's not deviate from
the main
topic! who won
the poker
tourney ?
mircea_popescu: BTC-Mining well
that's why i say can't be
the whole story.
BTC-Mining: and
to me it makes absolutly zero sense
smickles: mircea_popescu: in hindsight,
the first few months were like
the eye of a huricane
mircea_popescu: very
tracherous market, easy enough
to gain a false sense of confidence.
mircea_popescu: smickles funny
thing is, it had done ok
the first coupla months.
smickles: mircea_popescu: not suprising about
the btc/diff option,
the bot didn't seem
to understand
the relationship between btc/usd price rising and diff rising
BTC-Mining: AND, BTC/FIAT price WOULDN'T matter AT ALL in
this, somehow.
BTC-Mining: and allow you
to
take a USD/EUR short/long position on a forex platform using
that BTC.
mircea_popescu: well i kinda fell in
the middle of a discussion i dunno.
BTC-Mining: he's saying
that you could put a 1 BTC balane he'd keep on his side.